Legal Question in Credit and Debt Law in Texas
Cosigned a car, but she won't make payments now - can i repo?
I cosigned a used car for my (then) girlfriend, my name is first on both title and loan from a credit union, and her name is second on both. FOr the last 5-6 months, she hasn't been paying, and I've been making the payments to avoid damaging my credit. I want to end this mess, can I repo the car from her (via a police report for lost car), and sell it, and pay off the loan. I just need to end this arrangemetn with as little financial loss as possible. What other alternatives do I have?
2 Answers from Attorneys
Re: Cosigned a car, but she won't make payments now - can i repo?
Do NOT file that report with the police; that's a crime. You can repo the car since your name is on the title.
Selling it may pose a problem since the both of you, as co-owners, have to sign the title.
Re: Cosigned a car, but she won't make payments now - can i repo?
In addition to Mr. Bradie's reply-
You can file for a Writ of Sequestration which will be served by the sheriff who will take possession of the vehicle until you get a Court order recognizing your right to possess the vehicle. You would have to post a bond and the Final Order could include an order of the court requiring her to sign the title. Unless you know how to do these things by yourself, it is usually more expedient to hire an attorney. These things are highly procedural and a mistake could cost you your interest in the vehicle as well as other costs and expenses. It might still be cheaper than paying for your X's car.
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